Promise Co. said Tuesday it posted huge losses for the last business year because it set aside hefty provisions to return excessive interest charges to customers.
In its consolidated earnings report for business 2006, which ended March 31, Promise booked 378.28 billion yen in net losses, compared with a profit of 42.05 billion yen the previous year. The per-share net loss came to 2,982.86 yen.
The major consumer finance company recorded a pretax loss of 201.50 billion yen in business 2006 against a profit of 70.01 billion yen the year before, and an operating loss of 203.32 billion yen against an operating profit of 67.35 billion yen. Operating revenue stood at 368.92 billion yen, down 3.2 percent.